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City of Louisville <br />749 Main Street Louisville, Colorado 80027 666-6565 <br />i <br />September 29, 1986 <br />1 <br />' Honorable Mayor and Members of City Council: <br />In accordance with the statutes of Colorado related to <br />municipal budgeting, I am pleased to submit to you the <br />recommended budget for the City of Louisville for fiscal year <br />1987 commencing January 1, 1987. As developed by Council and <br />staff through a series of study sessions over the past three <br />months, the 1987 Budget proposes expenditures of $10,771,087 from <br />the $11,332,845 in projected revenue. <br />The major sources of revenue incorporated in the 1987 Budget <br />I/ include: <br />1) Sales Taxes <br />2) Use Tax <br />3) Property Taxes <br />4) Franchise Taxes <br />11 5) Water and Sewer Taps <br />6) Service/User Fees <br />7) Service Expansion Fees <br />8) Earning on Deposits <br />9) Fund Balance Carryovers <br />The 1987 Budget incorporates an increase in the property tax <br />mill levy from the 1986 level of 7.736 mills to the proposed 1987 <br />levy of 8.026. Additionally, the 1987 Budget assumes the passage <br />of a two cent use tax to be voted on by the electorate in early <br />' 1987 and to be effective July 1, 1987. The purpose of both of <br />these increases is to begin funding City-wide capital improvement <br />projects from City-wide sources of revenue (i.e., property taxes; <br />sales taxes) rather than exclusively from growth related fees. <br />This method of financing City-wide capital improvements would <br />provide more equity and stability in financing the City's capital <br />improvements program over the period 1987 to 1991. <br />